War Risk Insurance

(redirected from War Risk Insurance Program)

War Risk Insurance

Separate insurance coverage against loss or damage due to acts of war (including objects left over from previous wars).

War Risk Insurance

An insurance policy covering risk from war, terrorism, coups or other armed conflict in the country in which the covered party does business. War risk insurance takes two forms: war risk liability, covering employees, customers, and other persons and their effects, and war risk utility, covering property. For example, a company may take out war risk insurance protecting a luxury passenger ship from an act of terrorism while at sea. The war risk liability covers the persons on a cruise and their luggage while war liability utility protects the ship itself. See also: Political risk.

Department of Transportation's Maritime Administration's (MARAD) marine war risk insurance program under Title XII, Merchant Marine Act, 1936, as amended, includes a provision of vessel war risk insurance, as follows.

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